Economics 2. 0: What the Best Minds in Economics Can Teach You about Business and Life

Overview

Economics shapes our life, from global policy to how much you pay for a new pair of shoes from China to whether you will survive your bypass surgery. For example, did you know how fitness studios earn most of their money? —From the laziness and irrationality of their customers. Why are women more successful investors? — Because they are more humble and less interested in finance.

Featuring recent work from top thinkers in the economic field from around the world, such as ...

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Economics 2.0: What the Best Minds in Economics Can Teach You About Business and Life

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Overview

Economics shapes our life, from global policy to how much you pay for a new pair of shoes from China to whether you will survive your bypass surgery. For example, did you know how fitness studios earn most of their money? —From the laziness and irrationality of their customers. Why are women more successful investors? — Because they are more humble and less interested in finance.

Featuring recent work from top thinkers in the economic field from around the world, such as Philippe Aghion, Paul Krugman, George Akerlof, Gary Becker, and George Loewenstein, the book includes chapters on the rationality versus the irrationality of financial markets, the subprime crisis, globalization, and the methods marketers are using to sell us products we don’t need.

Economics 2.0 makes an impressive case for the argument that economics is not a dry science and that economic principles are constantly exerting their influence. Completely without formulas and theoretical ballast, Norbert Häring and Olaf Storbeck present the current findings of prominent economists, helping to expand both our knowledge and our appreciation of the economics that impact and shape our life.

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Editorial Reviews

From the Publisher
"A wide-ranging, informed and thoroughly enjoyable tour of the frontiers of economics. Anyone who wants to find out what economists actually do should grab a copy at once." — Tim Harford, Financial Times columnist and author of The Logic of Life and The Undercover Economist

"Economics 2.0 is a very readable and timely collection by two of Europe's best economic journalists, covering topics that range from the nature of happiness to the origins of the current financial crisis. Each chapter seamlessly blends field research in the Freakonomics tradition with laboratory research, and entertains while it enlightens." — Daniel Friedman, Professor of Economics, US Santa Cruz and author of Moral and Markets

"The nature of economic research has changed drastically over the last years, revoking the mantra of rationality, exploring creative new data sources, and venturig into topics far from the classical bundle of themes. This book provides a very entertaining and insightful overview of where modern economic stands today." —Ulrike Malmendier, Associate Professor of Economics, University of California, Berkeley

"The book is very accessible, yet precise and balanced in its account of what economics can teach us about the real world." — Dirk Krueger, Ph.D., Professor and Director of Graduate Studies, Department of Economics, University of Pennsylvania

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Product Details

  • ISBN-13: 9780230612433
  • Publisher: St. Martin's Press
  • Publication date: 12/23/2008
  • Pages: 256
  • Product dimensions: 5.80 (w) x 8.30 (h) x 1.00 (d)

Meet the Author

Norbert Häring is Handelsblatt correspondent in Frankfurt, Germany. He has worked as a business cycle analyst with Commerzbank and as a correspondent for Boersen Zeitung and Financial Times Deutschland. Olaf Storbeck is Economics editor with Handelsblatt and is responsible for the weekly economics section.

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Table of Contents

From Dogma to data - an introduction Axel Ockenfels Ockenfels, Axel

1 Man - an economic animal? 1

2 The pursuit of happiness 17

3 The enigma of the labor market 33

4 The almost-forgotten small difference 55

5 It's all about culture 71

6 Economics by scales and measures 81

7 The logic of globalization 93

8 Financial markets - totally efficient or totally crazy? 111

9 Subprime surprises - or: the anatomy of the financial crisis 129

10 Managers are people, too 147

11 The high art of buying and selling 169

12 The athlete as a guinea pig - or: why economists love sports 187

13 In the dark recesses of the market economy 201

14 A final warning 217

Index 233

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